10-24-18-SWS - Laserfiche WebLink

Home Browse Search

4 529986v2 JSB TW185-2 $5,000,000.00, the County agrees that such excess amounts shall be assessed as provided in this Agreement and the Petition and Waiver. (c) Pursuant to the Petition and Waiver, the County shall waive its right to notice and hearing on the Assessment Amount. Further, in the event that the actual cost of constructing the Water Tower improvements, based on competitive bids, exceeds $5,000,000.00, the County shall be deemed to have waived its rights to notice and hearing for such excess amounts, and such waiver shall also be applicable to the County’s successors and assigns. (d) The Assessment Amount shall initially be allocated to the Parcel Blocks of the TCAAP Site as set forth in Exhibit B to the Petition and Waiver. To the extent that any portion of the TCAAP Site is further subdivided or otherwise conveyed to a third party, the City shall, as provided in Minnesota Statutes, section 429.071, subd. 3, reapportion such Assessment Amount to such separate parcel(s) within each Parcel Block [pro rata on the basis of square footage]. In the event that the City is required to assess any amount in excess of the Assessment Amount, such additional amount shall be allocated on the same basis. (e) The County shall further waive its right to notice and hearing with respect to such reapportionment or allocation of any additional amount in excess of the Assessment Amount, pursuant to the terms of the Petition and Waiver, and such waiver shall also be applicable to the County’s successors and assigns. (f) The City shall order the plans and specifications for the Water Tower to be prepared within 90 days after the JDA has approved Vertical Developers Agreements for development of the TCAAP Site which, in the aggregate, will require __________ or more additional WAC units, as determined pursuant to Section 5(e) (the “Water Demand Date”). The City shall cause construction of the Water Tower to be completed not more than ________ months after the Water Demand Date. (g) The City will defer collection of the Assessment Amount with respect to each Parcel Block of the Development Property or subdivided portion thereof until the execution of a Vertical Developer’s Agreement has been executed between the JDA and the Vertical Developer of such portion of the Development Property, at which time the applicable portion of the Assessment Amount shall be payable over a ____-year period commencing 2 years after execution of such Vertical Developer’s Agreement all as set forth therein. The Assessment Amount may be prepaid at any time at the option of the County or the Vertical Developer. (h) The County agrees to notify prospective purchasers of the Development Property of the deferral of the Assessment Amount. (i) The County agrees to sell the Water Tower Property to the City and Buyer agrees to purchase the same, according to the terms of this Agreement. The total purchase price for the Water Tower Property is Two Hundred Thousand and 00/100ths Dollars ($200,000.00) (the “Purchase Price”). The City is purchasing the Water Tower Property in its “AS IS, WHERE IS” condition. The City hereby waives and releases the County from any present or future liability, claims, or causes of action at law or in equity, whether known or unknown, foreseeable or otherwise, arising from or relating in any way to, the physical condition Water Tower